Jul 24 - Budget office: Obama's health law reduces deficit

President Barack Obama's health care overhaul will reduce rather than increase the nation's huge federal deficits over the next decade, Congress' nonpartisan budget scorekeepers said Tuesday, supporting Obama's contention in a major election-year dispute with Republicans.

Republicans have insisted that "Obamacare" will actually raise deficits -- by "trillions," according to presidential candidate Mitt Romney. But that's not so, the Congressional Budget Office said.

The CBO gave no updated estimate for deficit reductions from the law, approved by Congress and signed by Obama in 2010. But it did estimate that Republican legislation to repeal the overhaul -- passed recently by the House -- would itself increase the deficit by $109 billion from 2013 to 2022.

"Repealing the (health care law) will lead to an increase in budget deficits over the coming decade, though a smaller one than previously reported," budget office director Douglas Elmendorf said in a letter to House Speaker John Boehner, R-Ohio.
Tuesday's budget projections were the first since the Supreme Court upheld most of the law last month. The CBO said the law's mix of spending cuts and tax increases would more than offset new spending to cover uninsured people.
As expected, the budget office said the law will cover fewer uninsured people because the Supreme Court ruled that states won't have to sign on to a planned expansion of Medicaid for their low-income residents.

Thirty million uninsured people will be covered by 2022, or about 3 million fewer than projected this spring before the court ruling, the report said.
As a result, taxpayers will save about $84 billion from 2012 to 2022. That brings the total cost of expanding coverage down to $1.2 trillion, from about $1.3 trillion in the previous estimate.

Democrats immediately hailed the findings as vindication for the president. "This confirms what we've been saying all along: the Affordable Care Act saves lots of money," said Senate Majority Leader Harry Reid, D-Nev.

Republicans said they remain unswervingly committed to repealing what they dismiss as "Obamacare." When combined with other budget-cutting measures, GOP leaders say that repeal will ultimately reduce deficits. Mitt Romney says if elected he will begin to dismantle the law his first day in office.

Medicaid has been one big question hanging over the future of Obama's law since the Supreme Court ruled.

Some GOP-led states, such as Texas and Florida, say they will not go forward with the expansion. Others are uncommitted, awaiting the voters' verdict on Obama in November.
Although the federal government would bear all of the initial cost of that expansion, many states would have to open their Medicaid programs to low-income childless adults for the first time.

CBO analysts did not try to predict which specific states would jump in and which would turn down the Medicaid expansion. Instead, they[..]umed that many states would eventually cut deals with the federal government to expand their programs to some degree.

As a result, the budget office estimates that more than 80 percent of the low-income uninsured people eligible under the law live in states that partially or fully expand their programs.


Read more: Budget office: Obama's health law reduces deficit | Fox News


Budget office: Obama's health law reduces deficit | Fox News

FOX News is reporting it reduces the deficit? im gonna have to read this later lol

I specifically sourced FOX news

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the right wing and their spin of the facts is something truely amazing [pic]

the insurance companies are in their back pockets


ill let the Weiner explain it best [pic]



" DEAL WITH IT " [pic]





they bring fake facts on the floor too [pic]


exposed and sonned [pic]

Anthony Weiner>>>

and speaking of a !!ed up relationship with the facts, you see Jon Kyl on teh floor talking about how there is no "middle class" [pic] Republicans are !!ing lunatics.
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105 more days until mitt romney can !! the !! off [pic]

Romney Supporters avoiding this thread like the plague .

Knicks still lawse but nice thread!

Lol they avoided this thread like 40 glocc running into the brush from the game

dont be scammed by either romney or obama propaganda

there both bought off by big corporations

Avoiding the Thread like hair on Amber Rose's head .

Co-Sign

And this health law is nothing but a goddamn scam.

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screwhead, binah, theN, michael moore all lost

I miss something??....cus 84 billion is a drop in the bucket compared to the deficit.

no one ever said this would erase the deficit.

Hmmm Cuts 84 billion , and increases healthcare coverage .
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Of course it reduces the deficit because its a tax increase, which increases government revenue. The deficit will contract at YOUR expense.

when you say your expense who are you referring to? Cause this tax will only apply to 1-2 percent of the population.

even if it did cost a trillion dollars? and what?

we had a war in Iraq that cost 5 trillion dollars. we spent so much money k!lling and getting k!lled and opening Iraq to Foreign Terrorist which didnt happen under Sadam AND WE PAID 5 TRILLION BUT WE LOOK AT PEOPLE GETTING HEALTHCARE AS A SIN [pic]


the bush tax cuts have cost us another 4-5 trillion and when you add those 2 up thats about 2/3 of our deficit [pic]